The global smart grid data analytics market is evaluated to register a CAGR of 10.46% during the forecasting period of 2021 to 2028. The market growth is primarily reinforced by factors such as the need for efficient energy use, shifting trend towards the use of renewable energy, the rapid digitization of electricity infrastructure, as well as the regulations and policies introduced by the government, among others.
Smart grid data analytics entails the advancement of power grid technology. It helps in continuous and accurate monitoring of services, in addition to facilitating better and effective power utilization and management. Moreover, smart grid data analytics also encourages the improvement of consumer experience and the integration of renewable energy with conventional energy sources for power generation.
As one of the early adopters of digital technologies, the energy sector is set to observe significant developments over the upcoming years. Similarly, the rapid digitization of electricity infrastructure is anticipated to make energy systems more connected, reliable, efficient, and sustainable, globally. Digitized energy systems would also help classify energy requirements and deliver them at the right place and time, thereby encouraging cost reduction.
The global smart grid data analytics market growth assessment includes the analysis of Europe, the Asia-Pacific, North America, and the Rest of World. North America dominated the global market in 2020, owing to key factors like the presence of leading market players and the aging transmission and distribution systems. Moreover, the surging investments and expenditure on smart grid analytics systems and smart metering is also expected to play a vital role in fueling the region’s market growth.
The emergence of new start-ups offers a diverse range of innovative solutions, catering to various industry demands and requirements. As a result, the global smart grid data analytics market observes intensifying competition, predicted to increase over the forecast years.
Some of the leading companies operating in the market are Cisco Systems Inc, General Electric Company, International Business Machines Corporation, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments